BLUE SPRINGS, Mo. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that it has completed the sales of two new construction, single-tenant net-leased retail investments to two separate buyers. The two adjacent freestanding properties are occupied by Heartland Dental and a Starbucks Café with a Drive-Thru in Blue Springs, Missouri, an affluent, high-growth suburb of the Kansas City metro area. The sales prices were not disclosed; however, the combined transaction size exceeded $5 million, with a blended cap rate in the low 6% range.
In the sale of the Heartland Dental-occupied property, Hanley Investment Group's Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with Jay Ferguson of Ferguson Properties, Inc. in Kansas City, Missouri, represented the seller and developer, Ferguson Properties and Foresight Real Estate. The buyer, a private 1031 exchange buyer from California's Central Valley, was represented by Peter Winterling, a senior vice president with Kidder Mathews in Sacramento, California.
The new 4,200-square-foot Heartland Dental building, completed in 2024 on a 0.96-acre parcel, is located at 3107 SW 7 Highway (29,000 cars per day).
"We secured a California-based, all-cash private 1031 exchange buyer and negotiated a 21-day due diligence period, closing escrow prior to the tenant opening for business," said Lefko.
According to Lefko, the new 10-year, triple-net, corporate-guaranteed lease includes 10% rent increases every five years during the initial term, with three five-year renewal options. Heartland Dental is the nation's largest dental support organization, operating in over 1,700 locations. At this location, Heartland Dental operates as Dental Care on 7.
In the second transaction, Hanley Investment Group's Jeff Lefko and Bill Asher, in association with Jay Ferguson of Ferguson Properties, Inc. represented the seller and developer, Ferguson Properties and Foresight Real Estate, in the sale of the single-tenant, net-leased Starbucks Drive-Thru and Café. The buyer, a private 1031 exchange investor from Southern California, was represented by John Martin, a senior vice president and principal with Lee & Associates in Ontario, California.
The new 2,312-square-foot Starbucks, featuring both a café and drive-thru, was completed in 2024 on a 0.59-acre parcel at 3101 SW 7 Highway. According to Lefko, the 12-year, triple-net, corporate-guaranteed lease (Nasdaq: SBUX) includes an 8% increase in year eight of the initial term, with four five-year renewal options featuring 7.5% increases. Starbucks is the world's largest coffeehouse chain, with more than 40,000 locations worldwide.
"We generated multiple qualified offers, procured a non-contingent buyer from Southern California, and facilitated quick third-party financing," said Lefko.
"We marketed the properties both together and separately but ultimately maximized value for the seller by selling the two properties as individual investments," Lefko noted.
Blue Springs is surrounded by some of the Midwest's most desirable lake communities, and residents frequently use Highway 7 for their daily retail shopping needs, according to Lefko. Moreland Ridge Middle School (1,064 students) is located 1.5 miles away, with nearby retailers including Walgreens, CVS, McDonald's, Subway, Dollar General, The Learning Experience, Casey's, and Papa Murphy's. Blue Springs High School (2,449 students) is 2.2 miles away. Additionally, major retailers in the area include Costco, Walmart, Target, Home Depot, Lowe's, Dillard's, H&M, Dick's Sporting Goods, Kohl's, Best Buy, Marshalls, Ross, Five Below, PetSmart, World Market, and Hy-Vee.
There are 95,478 residents within a five-mile radius, with an average household income exceeding $109,000. Within a three-mile radius, the population grew by an impressive 336% from 2010 to 2020. The Kansas City metro area, one of the largest in the Midwest, has a population of 2.22 million. The region has experienced an influx of tech and healthcare companies, and in 2023, the Wall Street Journal ranked Kansas City #6 in the U.S. for Momentum of Tech Job Growth. According to Niche, the Kansas City metro area was also named one of the "Best Places to Buy a Home in America" in 2023.
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an over $11.5 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Jeff Lefko, Executive Vice President and Partner
Email: Send Email
Phone: 949.585.7682
Address:1555 Camino Del Mar, Suite 307
City: Del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
